- Foxconn has proposed acquiring EV production lines owned by the unit VinFast, as per two sources familiar with the matter told Reuters on condition of anonymity
- VinFast became Vietnam’s first fully fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019
As per a report by Reuters, Vietnam’s largest conglomerate Vingroup said that its car unit was in early stage talks with Foxconn about working together and that any partnership formed would focus on developing batteries and electric car parts. The report added that Foxconn has proposed acquiring EV production lines owned by the unit VinFast, as per two sources familiar with the matter told Reuters on condition of anonymity as they were not authorised to speak to the media.
Vingroup has received proposals from Foxconn but nothing is concrete yet
The report added that VinFast prefers a partnership as it is keen to brand itself as an eco-friendly automaker and wants to retain its EV business, one of the sources said. The report added that a spokesman for Vingroup said that Vingroup has received proposals from Foxconn but nothing is concrete yet. The partnership, if any, will focus on developing the batteries and electric car parts.No decision on working together to produce EVs has been made yet. Foxconn declined to comment.
VinFast became Vietnam’s first fully fledged domestic car manufacturer when its first gasoline-powered models built under its own badge hit the streets in 2019. The report said that it sold about 30,000 vehicles last year and has forecast sales of more than 45,000 for 2021. It will begin delivery of EVs produced at its factory in the northern port city of Hai Phong to domestic customers by December. VinFast, which also produces electric motorbikes and buses, said this month it had set up an electric vehicle battery venture with Taiwan’s ProLogium.
The report added that Foxconn chairman Liu Young-way also said this week the company may make electric vehicles at its high-profile but troubled plant in the U.S. state of Wisconsin, though it could decide on Mexico.
